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Lino Lakes Development (White Pine Senior Living) Development Contract November 24, 2014 b. Trunk Water Unit Charges. i. The City established trunk unit charges to uniformly distribute the costs of public trunk water infrastructure. Each individual connection to the water system shall be charged a unit charge per SAC unit (currently at $3,939 per SAC unit). The unit charge shall be based on the procedure outlined in the Metropolitan Environmental Services Service Availability Charge Procedure Manual. An estimate of the total charge and the trunk utility credit for developer installed trunk oversizing is specified in Attachment B. c. Surface Water Management Area Charges. i. The City established a trunk area charge to uniformly distribute the costs of public trunk surface water infrastructure and water quality improvements. The Surface Water Management Charge shall be based on developable acreage, in the amount specified in Attachment B. d. Assessment of Charges and Waiver of Rights. i. In consideration of the provision of sewer, water and storm water services, the Developer agrees that the Trunk Sewer Unit Charge, Trunk Water Unit Charge and the Surface Water Management Area Charge (collectively, "the Charges") may be assessed against the Subdivision parcels. The Developer hereby waives any and all procedural and substantive objections to the special assessments, including notice and hearing requirements, any claim that the assessments exceed the benefit to the properties, and any right to appeal. ii. Unless the Developer pays the entire balance owed for the Charges contemporaneously with the execution of the Agreement, the Developer shall provide to the City a cash escrow or irrevocable letter of credit in an amount equal to 35% of the total assessments as estimated by the City Engineer (see Attachment B). The letter of credit shall be in a form, and from a bank, as approved by the City. The letter of credit or cash escrow may be used by the City upon default by Developer in the payment of special assessments. The cash escrow or letter of credit shall remain in place throughout the term of the special assessments. iii. All special assessments shall be payable to the City Clerk in semi-annual installments over 15 years commencing on April 15th of the year after the levy of such assessment and on each September 15th and April 15th thereafter until the entire balance plus accrued interest is paid in full. In the alternative, the City may, at its option, certify the entire assessment roll to the Anoka County Auditor for collection with real estate taxes. page 7